Financial Planning has published a list of onboarding questions to ask clients to effectively begin the financial planning process. Here are the five categories of documents according to Financial Planning:

Income Information

o Recent pay stubs
o Tax returns (last 2-3 years)
o Details of any other sources of income (rental income, alimony, etc.)

Assets and Liabilities

o Statements for all bank accounts, investment accounts, and retirement accounts
o Information on real estate holdings, including mortgage details
o Details on any outstanding loans, credit card debt, or other liabilities

Insurance Policies

o Copies of life, health, disability, home, auto, and other insurance policies

Tax Documents

o Recent tax returns
o Documents related to any tax-deductible expenses

Estate Planning Documents

o Wills, trusts, and any power of attorney documents

Other Financial Documents

o Social Security statements
o Employee benefit statements
o Business financial statements if self-employed

Having these documents will provide a comprehensive view of their financial situation and enable the advisor to meet client goals.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.